Individual Retirement Accounts
WestEdge® IRA Accounts provide a safe and secure way to save for your retirement. Just like our other savings accounts, you can choose a longer term IRA or an IRA Savings Account. Because there are many IRA options with benefits for members in varying life stages, we ask that you stop by our branch or call your Member Services Representative to discuss which IRA best meets your needs.
NCUA insures each member's IRA up to $250,000. This insurance is separate from the $250,000 each member receives for regular share-savings. For your convenience, we have listed a few of the features of our IRA accounts.
Funds can be withdrawn after age 59 ½ without a penalty. By age 72, you are required to make yearly withdrawals. One of the advantages of this type of IRA is the contributions you make may be tax deductible. Principal and interest earned are tax deferred until funds are withdrawn.
Contributions are not tax deductible but withdrawals are completely tax free if the account holder has had a Roth account for more than five years and is at least 59 ½ years old. Contributions can still be made after age 72 and no withdrawals are required during the account holder’s life.
Coverdell Educational Savings
Gives flexibility to families saving for college tuition and other school expenses. Up to $2,000 per year may be deposited for each child under age 18. Anyone can make a contribution – parents, grandparents, relatives, and friends. These contributions are not tax deductible, but dividends earned are tax-free. If the funds not used for one child, they may be transferred to another child within the family.
There are some IRS exceptions for early withdrawal penalties for both types of IRAs. These include when the holder becomes permanently disabled, when there is a first-time home purchase, or when paying for higher education expenses. The maximum annual contribution allowed is $6,000. However, if you are age 50 or older, you may make an additional $1,000 contribution annually.
|Share Savings||Dividend Rate||APY*||Term||Minimum Balance|
|Share Savings ($5.00 minimum to open account)||0.10%||0.10%||N/A||$50.00|
|Youth 1.0 and Youth 2.0 Savings ($5.00 minimum to open account)||0.10%||0.10%||N/A||$5.00|
|Money Market ($2,500.00 - $24,999.99)||0.30%||0.30%||N/A||$2,500.00|
|Money Market ($25,000.00-$49,999.99)||0.50%||0.50%||N/A||$25,000.00|
|Money Market ($50,000.00+)||0.70%||0.70%||N/A||$50,000.00|
|Sub Savings (secondary savings accounts)||0.10%||0.10%||N/A||$50.00|
|Youth 1.0 and Youth 2.0 Sub Savings (secondary savings accounts)||0.10%||0.10%||N/A||$5.00|
|IRA Share Savings-Traditional Roth||0.10%||0.10%||N/A||$25.00|
|Coverdell Education Savings Accounts||0.10%||0.10%||N/A||$25.00|
*APY= Annual Percentage Yield.